Official unemployment claimant numbers dropped again in the past month taking the rate to the lowest since the mid-1970s and piling pressure on the Bank of England to maintain a tightening of monetary policy in order to head off future inflation.
Unemployment remains high according to the International Labour Organisation method of calculating the jobless: at 1.432 million people it was actually up by 6,000 in June compared to May. However, despite this backtracking in job creation, the general picture remains one of a tight labour market, and of a Bank that is looking to a trend of increasing prices it wants to maintain within a comfort zone of its 2% annual inflation target. Minutes of the latest Monetary Policy Committee meeting, at which UK interest rates are set, will be published on 21 July, with the next committee meeti...
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